NP Singh to hold leadership role on combined Zee-Sony's board of directors: Ravi Ahuja
Ahuja, Chairman, SPNI, wrote in an internal mail to employees that Zee-Sony entity will create a combined content platform that can compete with domestic and global platforms
Sony Pictures Networks India (SPNI) MD and CEO NP Singh is expected to hold a leadership role on the combined Sony-Zee entity's board of directors, Ravi Ahuja, Chairman, Global Television Studios and Sony Pictures Entertainment Corporate Development, has said in an internal email to employees. As per the announcement made today by ZEEL, Punit Goenka will continue to be the MD and CEO of Zee-Sony combined entity.
Ahuja also praised NP Singh's leadership for building the company. “Today’s agreement with ZEEL would not have been possible if not for the strength and market prominence of SPNI, and the outstanding leadership of NP Singh, SPNI’s MD and CEO. NP has been with SPNI for over 20 years and has worked tirelessly with his excellent teams to build SPNI into what it is today. As you can see in the press release, Sony is firmly committed to investing in India. SPE will have a majority stake in the combined company, and we expect that NP will hold a leadership role on its board of directors,” the email reads.
While explaining the way forward, Ahuja said that the deal will take months to close. “We are only at the beginning of what will likely be a months-long process. The next 90 days will be an exclusive negotiating period for both companies to conduct due diligence and negotiate definitive documents. Following that, the combination would be subject to closing conditions, including requisite regulatory, corporate, and third-party approvals including ZEEL shareholder vote.”
He also thanked the global Sony team for their contribution in making the deal happen. “I want to thank NP and his teams at SPNI for their ongoing hard work and dedication, our leadership at Sony Group HQ for their support, and also our Corporate Development and Legal teams for getting us to this point, specifically Erik Moreno, John Fukunaga, and Eric Gaynor and their teams, who I don’t think have slept much in the last several days!” Ahuja concluded.
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